Any tax implication
This query is : Resolved
05 July 2013
If Mr.x going to buy property for Rs.7 Lacs & he took loan from funds, freinds & banks etc. The amount of loan received in cash. But Mr.X wants to pay to the seller by way of cheque. Then Mr.x gave cash to his sons & took cheque from them & made payment.In the above situation whether any tax implication involved? whether any notice will be issued for the same from IT dep? As such big amt deposited & cheque issued? whether this transaction report in AIR in 26AS.
05 July 2013
If loan is recvd in cash then sec 269SS is applicable and penalty in also applicable of equal amount.
05 July 2013
Mr. X have no cheque facility to issue the cheque & hence is received cheques from his children? how to handle this transaction?
05 July 2013
Then Mr x should 1st open a bank account and get all the diff loan in cheques in it and then issue cheque for making payment in cheques from this a/c.
05 July 2013
What if he was not aware about this provisions & has done as stated by me not intentionally?
05 July 2013
Irrespective of whether the assessee knows about the provison if its violated then A.O will invoke sec 269SS
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